Bitcoin hit a roughly 12-week low of $71,200 on Thursday, while more than $750 million in positions were liquidated across the crypto market over the past 24 hours.
According to data cited by The Block, Bitcoin traded around $71,600 after hitting its intraday low and was down 3.4% at the time of publication. Ethereum (ETH), Solana (SOL), and XRP also lost more than 3.5% over the past 24 hours.
Most liquidations came from bullish positions
According to CoinGlass data, more than $634 million of the total liquidations over the past 24 hours came from long positions opened in anticipation of rising prices.
Spot ETF flows are being watched for a recovery
Jasper De Maere, from Wintermute’s over-the-counter trading desk, said that as Bitcoin tested $73,000, they were watching that level as the first potential support, but had not seen a strong sign that large buyers were stepping in. Bitcoin later fell below that level. According to De Maere, several consecutive days of strong net inflows into ETFs could support a recovery in major cryptocurrencies.
Not investment advice.